Aim: Unlimited growth, plus 100 per cent protection for original capital and further protection for gains made.

Bells & whistles: Inoralife says consumers reluctant to buy equities are likely to be far better off investing now at what could be the bottom of the bear market. 'This product offers capital protection, locked-in growth and the ultimate prospect of 100 per cent of FTSE 100 growth.'

How it works: This is a derivative-based investment that links growth to the percentage increase in the FTSE 100 over six years. The effect of major stock market swings is reduced by using the average closing figures for the first six months and the last 12 months. On 3 May, 2005, if the FTSE 100 is 20 per cent or more higher than at the start, a 20 per cent return is locked in. Even if the index falls subsequently, investors still get a 20 per cent return. Anyone aged two or more can invest. The bond is available until 12 April.

Minimum: £5,000.

Charges: Built into the returns.

Tax: Pep transfer or Isa through Keydata Investment Services, or as a life insurance bond through Inora Life. Based offshore, so any gains made by direct investments are paid gross.

Risk: Low.

Should you invest? Nikki Foster of Bath adviser Chase de Vere says: 'I don't like the fact that after three years gains are locked in at 20 per cent, even if the FTSE 100 has gone up by 40 per cent. I prefer the NDF Recovery Growth Plan, where you do get 100 per cent of growth in the FTSE 100.' Patrick Connolly of Chartwell agrees: 'The way it is presented is very misleading.The wording is very, very naughty. I think people would be better off buying a tracker fund.'